Big data has helped businesses identify new opportunities. They can use their knowledge of big data to find better ways to optimize existing business strategies, identify new markets and expand into new product lines. This is great for successful business owners that want to take their growth to the next level. However, it is also important for businesses that are desperately trying to succeed. Big data can help them with everything from rebranding to pulling unprofitable products.
Does Big Data Really Help Struggling Business Owners?
Big data is used by smaller businesses around the world. Arnie Gordon discussed this in a Forbes post in 2017. Most articles on big data haven’t focused specifically on struggling businesses, but their advice is just as applicable.
Nobody wants to run a failing business. It’s the kind of situation that you absolutely want to avoid as best as you possibly can, but the truth is that it happens to many people. An estimated 50% of businesses will fail in just five years.
In fact, even some of the most successful entrepreneurs you can name will have had one or more businesses in the past which did not work out quite so well. Some would even consider it to be something of a rite of passage which you have to follow before ending up with a venture which works out more successfully. However, while you are stuck in the process of your business failing to grow, it can often be nothing but worrying, and in all likelihood you will just want to try and improve things as best as you can. In this post, we will look into some of the moves you can make if your business fails to grow, so that you can at least have an arsenal of ideas for such a situation, should it occur.
How can big data help struggling businesses? Here are some ideas.
One of the first things that any business leader thinks to do when the company is tanking is to try and rebrand and see if that helps. And why not – it has helped many businesses in the past, and there is every chance it will help yours too.
Of course, if you do decide to follow this route, you will want to make sure that you are doing it in the right way, so that you can maximize the likelihood of success. You will probably want to think about what kind of branding strategy is likely to work, and make sure that you are really focused on getting that right as soon as possible. It’s also a good idea to test out your new brand idea as best as you can first, so that you are going to have more faith in it on the whole. Do that, and it might just be enough to save your business from collapse.
Many brands don’t realize that big data should be front and center of their rebranding strategy. You can use it to incorporate information about your customers, employees and competitors. By using big data this way, you can better position your brand for success. You should have plenty of data on what elements of your previous branding strategy failed.
Perhaps, like many others before you, you have got to the point where you genuinely feel that your business has done its day, and that there is nothing left to salvage. If that is the case, you will want to think about simply trying to accept it and make the best of the situation that you can. That might mean liquidation in the form of finding a chapter 7 bankruptcy lawyer, or it might mean selling off whatever existing assets you have in the business and walking away. Whatever it is, acceptance is often the best way to approach this kind of situation, especially if you feel that there is nothing more for that particular business to do.
Big data can also come into play here as well. You can use data mining to find the best market prices for various assets and the right distribution channels, so you can get the most revenue from them.
Big data is also good for helping you identify prospective buyers for your business if you want to close up shop. You might be surprised at how many people out there are keen to take on a dying business and try to turn it around, and it means that you will be able to walk away personally intact. Big data is going to make it easier for you to conduct asset valuations, which is important if you want to sell it off piece by piece.
Big Data is the Key to Turning Around a Struggling Business
Businesses struggle every day. The good news is that struggling entrepreneurs can take advantage of big data to turn things around. If that doesn’t work, they can also use big data to find the best way to sell off their business. It is a new lifeline that tech savvy entrepreneurs should consider in 2019.